Monday, February 6, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Companys

Big Oil Braces For Brutal Earnings Season | OilPrice.com

July 26, 2020
in Companys
Big Oil Braces For Brutal Earnings Season | OilPrice.com
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Oil Trading Bonanza Saves the Quarter for Shell and Total

Weir Group profit hit by lower oil and gas market

Highwood Oil Company Ltd. Announces Redetermination of Credit Facility And

The oil majors are set to unveil their second-quarter earnings in the coming days, and analysts expect the figures to be pretty rough. Despite their size, the integrated oil majors are slated to post huge losses.  The problem is that there is almost nowhere to hide. Oil prices were obviously at historically low levels in the second quarter, including a brief trip deep into negative territory. Typically, during downturns, the majors are shielded by their downstream refining assets – low crude prices lower input costs and cheap fuel tends to stoke demand. 

However, the pandemic obviously shut everything down, so demand contracted sharply. With hundreds of millions of people confined to their homes, it didn’t matter if fuel was cheap. As a result, refining margins collapsed. 

So, too, did petrochemical demand. Chemical units were unlikely to bolster the battered finances of the oil giants. Meanwhile, the global market for LNG has also plummeted. Natural gas has been another segment in which the oil majors are betting their future growth. But Covid-19 has ravaged gas markets as well. 

Perhaps the numbers won’t be as bad as expected. On Friday, Equinor posted a surprise profit, earning $350 million in adjusted earnings. That was down nearly 90 percent from a year earlier, but it beat expectations. 

There are a few caveats to these seemingly better-than-expected numbers. The Norwegian company said that it performed better not because of its oil and gas production, but in part because it profited from trading. “While the strong trading result was positive, we believe this should not be extrapolated,” DNB Markets said in a note to clients.

Another glaring issue is that Equinor has not adjusted its long-term oil price assumptions. While BP and Shell announced massive impairments – $17.5 billion and $15-$22 billion, respectively – the Norwegian oil company avoided taking any write-downs by leaving its oil price assumptions unaltered. Equinor is counting on a Brent price of $80 per barrel in 2030. The company said it would update this assumption in the third quarter, so any potential write-downs will come later. 

Related: Tropical Storm Hanna Threatens Texas Oil Industry

To its credit, Equinor cut its dividend earlier this year, the first large western oil company to do so. That eased the cash flow pressure. 

The upcoming earnings figures could result in more announcements like that. Analysts are anticipating a dividend cut from BP. The aforementioned writedown made huge news a few weeks ago. The British oil company has also announced in June that it would lay off 15 percent of its workforce, eliminating 10,000 jobs. 

Earlier this year, BP made headlines when it said that it plans on overhauling operations to become a much lower-carbon energy company over time. Maintaining a hefty dividend would require piling on much more debt, which would hamper the company’s transition plans, analysts say. 

Meanwhile, ExxonMobil and Chevron have refused to cut their dividends. Chevron just bought Noble Energy in a high-profile…



Read More: Big Oil Braces For Brutal Earnings Season | OilPrice.com

Tags: bigBracesbrutalDownstreamEarningsfuelLNGoilOil MajorsOil PricesOilPricecomPetrochemicalsRefiningseasonStock Market

Related Posts

Oil Trading Bonanza Saves the Quarter for Shell and Total
Companys

Oil Trading Bonanza Saves the Quarter for Shell and Total

by Oil Market
July 30, 2020
0

(Bloomberg) -- Royal Dutch Shell Plc and Total SE were saved from what many feared would be the worst...

Read more
Weir Group profit hit by lower oil and gas market
Companys

Weir Group profit hit by lower oil and gas market

by Oil Market
July 29, 2020
0

Weir Group PLC on Wednesday reported a 41% fall in pretax profit for the first half of the year...

Read more
Highwood Oil Company Ltd. Announces Redetermination of Credit Facility And
Companys

Highwood Oil Company Ltd. Announces Redetermination of Credit Facility And

by Oil Market
July 28, 2020
0

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES./ CALGARY, AB, July 27, 2020 /CNW/ - Highwood Oil...

Read more
Robotics company growing profits outside of oil patch
Companys

Robotics company growing profits outside of oil patch

by Oil Market
July 27, 2020
0

Dan Allford grew his company by building precision oil and gas field equipment with cutting-edge robots, and like many...

Read more
Big Oil Braces For Brutal Earnings Season | OilPrice.com
Companys

Big Oil Braces For Brutal Earnings Season | OilPrice.com

by Oil Market
July 26, 2020
0

The oil majors are set to unveil their second-quarter earnings in the coming days, and analysts expect the figures...

Read more
Goldman Sachs strikes $3.9B settlement in Asia scandal; oil rout claims 21K
Companys

Goldman Sachs strikes $3.9B settlement in Asia scandal; oil rout claims 21K

by Oil Market
July 25, 2020
0

Goldman ends bond scandal for $3.9BKUALA LUMPUR, Malaysia — Malaysia's government said Friday it has reached a $3.9 billion...

Read more
Next Post
RPT-Spring oil flood causes summer queues in Chinese ports

UPDATE 1-Belarus buys first oil from Saudi Arabia -refiner Belneftekhim

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Governor Gordon welcomes members of the 153rd Airlift Wing home from

Governor Gordon welcomes members of the 153rd Airlift Wing home from

3 years ago
H2Pro: The Marula Oil-based hair product you need now

H2Pro: The Marula Oil-based hair product you need now

3 years ago
Mineral-oil-based Lubricants Industry Analysis, By Key Players,

Mineral-oil-based Lubricants Industry Analysis, By Key Players,

3 years ago
Pro-oil and gas group nears signature goal for ballot measures

Pro-oil and gas group nears signature goal for ballot measures

3 years ago
Sandalwood Oil Market 2020 | Covid19 Impact Analysis | Business Outlook,

Sandalwood Oil Market 2020 | Covid19 Impact Analysis | Business Outlook,

3 years ago
Is Warren Buffet Right About Natural Gas? | OilPrice.com

Is Warren Buffet Right About Natural Gas? | OilPrice.com

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com